Law on sanctions comes into force in Ukraine

September 12, 2014, 5:00 UTC+3MOSCOW MOSCOW September, 12. /ITAR-TASSArseny Yatsenyuk said earlier that the government prepared a list of 172 citizens of Russia and other countries and 65 companies to impose sanctions against them

MOSCOW, September 12. /ITAR-TASS/. A law on sanctions that may be imposed against Russia comes into force in Ukraine this Friday.

The law, which was signed by President Pyotr Poroshenko and published in the parliamentary newspaper earlier, allows authorities to block assets and trade operations, ban transit transportation across Ukraine and flights over its territory, prevent capital withdrawal, suspend economic and financial obligations and revoke licenses.

Ukrainian authorities may also bar ships from entering the country’s territorial waters or ports and aircraft from entering the air space and landing in Ukraine, abrogate trade contracts and cancel joint projects and industrial programmes, including in the sphere of security and defence.

The law also envisages ending cultural exchanges, scientific cooperation and educational and sport contacts, denying visas and canceling official visits.

Ukrainian Prime Minister Arseny Yatsenyuk said earlier that the government prepared a list of 172 citizens of Russia and other countries and 65 companies to impose sanctions against them.

Besides, Ukraine has a list of 1,500 Russian culture figures banned from entering the country. There is also a blacklist of Russian politicians, including members of the Federation Council, the State Duma and the Russian Security Council.

On Thursday, the Ukrainian Security Council barred 35 Russian reporters from entering the country for the next three-five years.

Russia’s business is represented in Ukraine mostly in the banking, financial, telecommunication and fuel and energy sectors.

LUKoil, Rosneft and Tatneft have subsidiaries and other assets in the country.

Russian owners also have restaurants in the country. MTS-Ukraine is a subsidiary of Russia‘s MTS. There is a subsidiary of Russia’s Yandex Internet search system in the country.

In July, Russian chief banker Elvira Nabiullina, commenting on the Ukrainian initiative to ban work of Russia banks, said Ukraine would harm itself first of all.

The Russian parliament’s lower house State Duma also describes Ukrainian sanctions as senseless. Ukrainian authorities will penalize themselves, said Leonid Slutsky, head of the Duma committee for CIS affairs, Eurasian integration and ties with compatriots.

Duma member Dmitry Vyatkin said the announcement about sanctions was part of an election campaign.

Alexei Pushkov, the head of the Duma committee for international affairs, described Kiev’s sanctions as a hysterical and senseless measure. It will not frighten Moscow, but Ukraine will worsen the situation more, he wrote on Twitter.